Project Management Foundations: Budgets
57mIntermediate2023-02-08
Authors
Bob McGannon
PMP and PRINCE2 Certified Consultant, Author, and Speaker
Course details
In this course, designed for project management professionals and other leads who need to get a handle on their costs, author and Project Management Professional (PMP®) Bob McGannon shows you how to build a solid budget around a work breakdown structure, work with costing standards, and examine capital versus operating costs. Bob then teaches how to build, manage, and monitor the budget and shares tips from the trenches of real projects. Plus, get practical advice on recovering from overruns and dealing with scope changes.
Skills covered
Project Management SkillsProject ManagementFoundations
Concepts
Introduction
- Project budgeting - Focus on value
- The project budget
The Budget Planning Process
- Budget estimating parameters
- Budget variables in your budget
- Budget accuracy and precision
- Baselines and contingency for your budget
Budget Forecasting
- Forecasting and building a budget
- Balancing competing budget constraints
- Organizational considerations for your budget
Measurement Techniques
- Selecting data to analyze when building your budget
- The right metrics for budget management
- Baseline budget performance
- The earned value approach
- Budget forecasting
Budget Reporting
- Verifying budget results
- Tracking cost of quality and change
- Budget information sharing
Handling Budget Challenges (Exercises)
- Challenge - Making concessions
- Solution - Making concessions
- Challenge - Access to funds
- Solution - Access to funds
- Challenge - Troubleshooting performance
- Solution - Troubleshooting performance
Conclusion
- Your budget management toolkit